Transcription of origination guide 13 - Veterans Affairs
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origination guide 13 - Veterans Affairs
Loan origination Reference guide Denver Regional Loan Center 155 Van Gordon Street Lakewood, Colorado 80228 April 2013 2 3 Table of Contents The VA Home Loan Program Introduction 6 Eligible Loan Purposes and Loan Types 7 Advantages of VA Guaranteed Home Loans 8 Nature of the VA Home Loan Program 9 Loan Processing Steps 10 VA Home Loan Guaranty Program 11 Advantages of the Veterans Information Portal 12 VA Guaranty 13 Maximum Loan Amount 14 Lender Information Types of Lenders 15 Lender Participation Fees 17 Veteran Eligibility Maximum entitlement History 20 Who is Eligible? 21 Other Types of Eligible Service 22 Electronic Certificate of Eligibility 23 VA Eligibility Center 24 Proof of Service 25 Obtaining Proof of Service 28 Unmarried Surviving Spouse 29 Restoration of entitlement 30 Assumption/Release of Liability 31 Property Eligibility Property Eligibility 36 Properties Not Eligible for VA Loans 37 Appraisal Overview 38 Appraisals 42 General Loan Information VA Loan Approval Requirements 46 Prior Approval Loans 47 Occupancy 48
~ VA requires a down payment on all Graduated Payment Mortgages (GPMs). ~ If a veteran has less than full entitlement available, a lender may require a down payment in order to make the veteran’s loan meet secondary market requirements. The “rule of thumb” is that the VA guaranty, or a combination of VA guaranty plus down payment, must ...
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